Marcus & Millichap Closes A 24,032-Square Foot Office Building in Red Bank, NJ
Red Bank, NJ, November 22, 2022 -- Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Vault, a 24,032-square foot office property located in Red Bank, NJ, according to James McGuckin, regional manager of the firm's New Jersey office. The asset sold for $10,700,000.
Alan Cafiero, Brent Hyldahl and Seth Goldberg, investment specialists in Marcus & Millichap's New Jersey office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
Cafiero comments, "Even in a challenging debt market, all cash 1031 exchange buyers are still looking for high quality trophy assets with long term leases and credit tenants. The Vault possessed all attributes. Not only did the property have long term net leases to multiple credit tenants, but the property is located in the heart of one of New Jersey's most sought-after downtowns."
The Vault is located at 55 Broad St in Red Bank, NJ.
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About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.